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Cyprus

Limited Company
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General Info

Procedures to incorporate

Cyprus is the third largest island in the Mediterranean after Sicily and Sardinia.

Located in the north-eastern end of the Mediterranean Sea Cyprus is effectively a crossroads linking Europe, Asia and Africa. It covers an area of 9,251 sq km and lies 65 km south of Turkey, 96 km west of Syria, 385 km North of Egypt and some 980 km south-east of Athens. The capital is Nicosia. The principal topographical features of Cyprus are the two mountain ranges running along the centre and north-east of the Island, separated by a wide and fertile plain. Cyprus has a pleasant climate with dry, hot summers and mild winters.

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Political Structure: Cyprus became an independent Republic in 1960. The political system is modelled on Western democracies in which individual rights are respected and private enterprise is given every opportunity to develop. Under its Constitution, Cyprus has a presidential system of Government. The President is the Head of State and is elected for a five-year term of office. The legal system is based on that of the United Kingdom and all statutes regulating business matters and procedure are based on English Law. Most laws are officially translated in to English.
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Infra-Structure and Economy: The economy of Cyprus is based on a free enterprise system. The Government’s role is limited to regulation, planning and the provision of public utilities. During the last fifteen years, the economy of Cyprus has demonstrated spectacular growth and its currency has enjoyed relative stability.
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Language: Greek and Turkish are the official languages of Cyprus, but English is widely spoken and understood, particularly in commercial and government sectors.
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Currency: Euro.
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Type of Law: Common Law with Civil law influences on Family and Constitutional/ Administrative Law mainly.
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Main Corporate Legislation: The companies’ law in Cyprus is the Cyprus Companies Law, Cap.113, which is based on the English 1948 Companies Act. Single member companies were introduced by the Companies (Amendment) Act 2000 and other amending legislation was passed during the last decade for modernising and improvising purposes.
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Most common used Type of Company for International Trade and Investment: Company Limited by shares.
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Procedure to incorporate: By submission of the Memorandum and Articles of Association to the Registrar of Companies, together with an affidavit before a Court and the appropriate registration fee. The powers and objects of a Cyprus Company are contained within the Memorandum & Articles of Association and have to be specific.

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Restrictions on Trading: Cannot undertake to the business of banking, insurance or the rendering of financial services to the public unless special permission is granted. Companies cannot trade with resident individuals or companies situated in Cyprus.

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Language of Legislation and Corporate Documents: English and Greek.
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Registered Office Required: Yes, must be maintained in Cyprus.
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Time to incorporate: Approximately five days, subject to name approval.
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Name Restrictions: Any word that the Registrar considers undesirable. Any name that is identical or similar to an existing company or sounds similar. Any name that implies illegal activity or implies royal or government patronage.
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Language of Name: Names may be expressed in Greek or any language using the Latin alphabet if the Registrar is in receipt of a Greek or English translation and the name is not considered undesirable.
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Names Requiring Consent or License: The following names or their derivatives require consent or a license: “Asset Management” “Asset Manager”, Assurance”, “Bank”, “Banking”, “Broker (s) / Brokerage”, “Capital”, “Credit”, “Currency (ies)”, “Custodian(s)”, “Custody”, “Dealer(s)” “Dealing”, “Deposit(s)”, “Derivative (s)”, “Exchange”, “Fiduciary (ies)”, “Finance”, “Financial”, “Fund (s)”, “Future (s)”, “Insurance”, “Lending”, “Loan(s)”, “Lender(s)”, “Option(s)”, “Pension(s)”, “Portfolio”, “Reserves”, ‘Savings”, “Security(ies)”, “Stock”, “Trust”, Trustees” their foreign language equivalents or any name that the Registrar considers may have a connection with the aforementioned.
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Suffixes to denote Limited Liability: Limited or Ltd.
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Disclosure of Beneficial Ownership to Government Authorities: The identity of the beneficial owners of a Cyprus Company may remain confidential if nominee shareholders are engaged to act as the shareholder on behalf of the ultimate beneficial owners. This confidentiality is maintained as long as the company and its ultimate beneficial owners are not involved in any criminal activity.

Compliance – Key Corporate Features

+ General
  • Type of entity – Private (Resident/Non-Resident)
  • Type of Law – Common
  • Shelf company availability – Yes
  • Our time to establish a new company – 5 days
  • Minimum government fees (excluding taxation) – €350
  • Corporate taxation (i) Resident Limited: 12.5%; (ii) Non-Resident – 0%
  • Double taxation treaty access – Yes
+ Directors

The minimum number of directors is One. They may be natural persons or bodies corporate, be of any nationality and need not be resident in Cyprus. For establishing tax residency in Cyprus is it is advisable to use resident directors.

+ Shareholders

The minimum number of shareholders is one.

+ Company Secretary
  • Required – Yes
  • Local or qualified – No, but Cyprus advisable for residency and compliance
+ Accounts
  • Requirement to prepare – Yes
  • Audit requirements – Yes
  • Local Auditor – Yes
  • Requirement to file accounts – Yes
  • Publicly accessible accounts – No
+ Other
  • Requirement to file annual return – Yes
  • Change in domicile permitted – No

When wholly foreign owned, a private company is referred to as an International Business Company.

+ Authorised and Issued Share Capital
  • Standard currency – Euro
  • Permitted currencies – Any

The share capital may be expressed in Euros or in any other currency. The usual authorised share capital of a Cyprus IBC company is € 5,000 and the minimum issued capital is € 1,000.

  • Local required – No, but advisable for purposes of tax residency
  • Location of meetings – Anywhere, but Cyprus advisable for purposes of tax residency
+ Classes of Shares Permitted

Registered shares of par value, preference shares, redeemable preference shares and shares with no voting rights.

  • Minimum number – One
+ In Resume

Cyprus, one of the smallest European low tax jurisdictions, is a suitable place for locating an intermediary company due to the island’s combination of tax treaties and low-tax regime. Dividends can flow through the Cyprus company totally tax free and the company can be used to take advantage of the extensive network of double tax treaties.

Packages and Prices

Cyprus

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Standard
Package

The cheapest option company formation, payment government fees, registered office, local registered agent, Client Due Diligence (CDD) full and free tax and legal assistance, and much more, to keep your entity fully compliant.

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Business
Package

A special package with all services as included on the Standard Package, plus our Bank Account opening services with a local bank based in UAE, providing account opening remotely, and offering you online banking, multi-currency account, debit cards and all other major banking services you may need.

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Premium
Package

A package with all services as included on the Business Package plus full Nominee Services (Nominee Members and Managers) providing you the highest degree in terms of confidentiality and anonymity.

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How can we help you?

Should you have any question, our Business Development Managers team will be ready to guide and assist you!

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